Let me make an announcement about this, since people seem to be asking:

CLARIFICATION REGARDING THIRD-WAVE FREE AGENCY/UNDRAFTED FREE AGENTS:

All teams are required to be under the salary cap by the end of free agency's third wave, set to take place following the draft. The maximum amount of players allowed on a roster is 53. There will be no practice squads (too much of a headache to determine practice squad eligibility.) All third wave free agent offers will be one-year contracts. Teams will be allowed to spend their remaining cap room on free agents. Alternatively, teams can offer veteran minimum contracts which will not count against the salary cap. Offers which include salaries of at least $1 million per season will take priority over veteran minimum offers.

Undrafted free agents will be included (but not listed) in the free agent pool. Additional roster cuts can be made following the draft and before the third wave of free agency, but there will not be an additional period for releasing extra players following the third wave. All applicants will be required to include the number of players currently on their roster with their offer list. Teams will only be allowed to sign enough players to reach the 53-man limit. For example, if you have 48 players on roster and want to sign seven players, the maximum you will sign is five.